Canada clears major hurdle in legalizing recreational marijuana

Bill C-45 The Cannabis Act passed in the upper house by a 56-to-30 vote.

However, with this approval comes almost four dozen amendments in the fine print that the government may not accept in full. As expected, they approved Bill C-45, which will allow anyone over the age of 18 to purchase weed.

Canadian marijuana companies like Canopy Growth Corp, Aphria Inc, Horizons Marijuana Life Sciences ETF and Aurora Cannabis Inc have been at the center of investor frenzy surrounding attempts to legalize marijuana for recreational use nationwide.

Canada's senate has voted to legalise recreational marijuana, clearing a major hurdle as the country moves towards becoming the first in the G7 to fully legalise the drug. The amendments include stricter advertising rules and provisions that would give the country's provinces a say in how many plants may be grown at home. The government's legislation would allow Canadians to grow up to four plants at home for personal use.

The government had aimed for marijuana sales to begin on July 1, but that target appears unlikely.

Once the bill passes another vote in the Senate, provinces and territories will need an eight-to-twelve week implementation period to prepare before retail sales of legal cannabis are actually available.